PERU-- Fund managers in Peru have suffered a major setback as a result of the political turbulence the country has been going through since the beginning of last year. Local mutual funds, for example, are estimated to have accumulated asset losses amounting to $70 million (US) through December.

Juan Carlos de la Fuente, general manager of Aval SAFM, a fund manager in Peru, noted that in late 1999, "the mutual fund industry in Peru was managing assets totaling $500 million (US). However, the electoral panorama at the start of the year, and the political scandal that erupted last September provoked a gradual withdrawal of investors, which at the end of October amounted to nearly $460 million (US)."

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